v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investment Securities [Abstract]  
Summary Investment Holdings
Investment securities consisted of the following at June 30, 2026 and December 31, 2025.

(In thousands)June 30, 2026December 31, 2025
Available for sale debt securities$8,322,634 $9,095,513 
Trading debt securities57,651 40,080 
Equity securities:
Readily determinable fair value33,195 47,551 
No readily determinable fair value81,529 9,803 
Other:
Federal Reserve Bank stock51,605 35,918 
Federal Home Loan Bank stock10,099 10,198 
Private equity investments181,033 184,343 
Total investment securities (1)
$8,737,746 $9,423,406 
(1)Accrued interest receivable totaled $40.0 million and $42.0 million at June 30, 2026 and December 31, 2025, respectively, and was included within other assets on the consolidated balance sheets.
Equity Securities without Readily Determinable Fair Value
Changes in equity investments with no readily determinable fair value for each period were as follows:

Three Months Ended June 30Six Months Ended June 30
(In thousands)20262026
Balance at beginning of period$10,000 $9,803 
Additions1,350 1,350 
Observable upward price adjustments114,063 114,260 
Observable downward price adjustments— — 
Impairment charges— — 
Sales of securities and other activity(43,884)(43,884)
Balance at end of period$81,529 $81,529 
Summary Of Available For Sale Investment Securities By Maturity Groupings A summary of the available for sale debt securities by maturity groupings as of June 30, 2026 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.
(In thousands)Amortized
Cost		Fair
Value
U.S. government and federal agency obligations:
Within 1 year$397,508 $397,509 
After 1 but within 5 years1,987,940 1,976,364 
After 5 but within 10 years913,318 908,439 
After 10 years204,905 204,497 
Total U.S. government and federal agency obligations3,503,671 3,486,809 
Government-sponsored enterprise obligations:
After 1 but within 5 years3,962 3,727 
After 5 but within 10 years30,808 26,193 
After 10 years19,821 13,929 
Total government-sponsored enterprise obligations54,591 43,849 
State and municipal obligations:
Within 1 year62,642 62,054 
After 1 but within 5 years424,901 404,977 
After 5 but within 10 years99,665 87,676 
After 10 years102,758 85,517 
Total state and municipal obligations689,966 640,224 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities3,095,101 2,602,290 
  Non-agency mortgage-backed securities416,247 385,318 
  Asset-backed securities1,013,942 1,002,658 
Total mortgage and asset-backed securities4,525,290 3,990,266 
Other debt securities:
Within 1 year11,438 11,294 
After 1 but within 5 years51,494 47,691 
After 5 but within 10 years81,368 79,238 
After 10 years23,414 23,263 
Total other debt securities167,714 161,486 
Total available for sale debt securities$8,941,232 $8,322,634 
Securities With Unrealized Losses and Length of Impairment Period
The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at June 30, 2026 and December 31, 2025. Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired. The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions. At June 30, 2026, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.

Less than 12 months12 months or longerTotal
 
(In thousands)
   Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
June 30, 2026
U.S. government and federal agency obligations$2,177,177 $20,642 $72,263 $2,188 $2,249,440 $22,830 
Government-sponsored enterprise obligations — — 43,849 10,742 43,849 10,742 
State and municipal obligations9,609 54 599,340 49,729 608,949 49,783 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities3,271 59 2,530,076 494,281 2,533,347 494,340 
   Non-agency mortgage-backed securities— — 371,851 31,121 371,851 31,121 
   Asset-backed securities140,296 274 439,328 13,998 579,624 14,272 
Total mortgage and asset-backed securities143,567 333 3,341,255 539,400 3,484,822 539,733 
Other debt securities25,254 169 88,121 6,257 113,375 6,426 
Total $2,355,607 $21,198 $4,144,828 $608,316 $6,500,435 $629,514 
December 31, 2025
U.S. government and federal agency obligations$612,167 $2,620 $314,006 $8,244 $926,173 $10,864 
Government-sponsored enterprise obligations— — 44,712 10,239 44,712 10,239 
State and municipal obligations12,157 18 636,492 50,323 648,649 50,341 
Mortgage and asset-backed securities:
   Agency mortgage-backed securities2,437 30 3,148,627 565,056 3,151,064 565,086 
   Non-agency mortgage-backed securities— — 421,508 31,942 421,508 31,942 
   Asset-backed securities32,875 36 546,984 16,925 579,859 16,961 
Total mortgage and asset-backed securities35,312 66 4,117,119 613,923 4,152,431 613,989 
Other debt securities— — 110,038 6,661 110,038 6,661 
Total $659,636 $2,704 $5,222,367 $689,390 $5,882,003 $692,094 
Available For Sale Securities Unrealized Gains And Losses By Security Type
For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at June 30, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

 
 
(In thousands)
Amortized CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit Losses
Fair Value
June 30, 2026
U.S. government and federal agency obligations$3,503,671 $5,968 $(22,830)$— $3,486,809 
Government-sponsored enterprise obligations54,591 — (10,742)— 43,849 
State and municipal obligations689,966 41 (49,783)— 640,224 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities3,095,101 1,529 (494,340)— 2,602,290 
  Non-agency mortgage-backed securities416,247 192 (31,121)— 385,318 
  Asset-backed securities1,013,942 2,988 (14,272)— 1,002,658 
Total mortgage and asset-backed securities4,525,290 4,709 (539,733)— 3,990,266 
Other debt securities167,714 198 (6,426)— 161,486 
Total$8,941,232 $10,916 $(629,514)$— $8,322,634 
December 31, 2025
U.S. government and federal agency obligations$3,257,561 $32,403 $(10,864)$— $3,279,100 
Government-sponsored enterprise obligations54,951 — (10,239)— 44,712 
State and municipal obligations715,037 37 (50,341)— 664,733 
Mortgage and asset-backed securities:
  Agency mortgage-backed securities3,786,811 1,380 (565,086)— 3,223,105 
  Non-agency mortgage-backed securities467,200 430 (31,942)— 435,688 
  Asset-backed securities1,269,503 9,503 (16,961)— 1,262,045 
Total mortgage and asset-backed securities5,523,514 11,313 (613,989)— 4,920,838 
Other debt securities191,215 1,576 (6,661)— 186,130 
Total$9,742,278 $45,329 $(692,094)$— $9,095,513 
Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses
The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.
For the Six Months Ended June 30
(In thousands)20262025
Proceeds from sales of securities:
Available for sale debt securities
$806,982 $36,065 
Equity securities
34,460 — 
Other investments
18,157 10,029 
Total proceeds
$859,599 $46,094 
Investment securities gains (losses), net:
Available for sale debt securities:
Gains realized on sales$— $4 
Losses realized on sales(97,686)(4,218)
Equity securities:
 Gains (losses) on equity securities, net114,277 1,777 
Other:
 Gains realized on sales
1,209 1,167 
 Losses realized on sales
(262)(1,773)
Fair value adjustments, net 6,939 (4,111)
Total investment securities gains (losses), net$24,477 $(7,154)